Perpetual Ltd Decreases Stock Position in 3M (NYSE:MMM)

Perpetual Ltd lowered its position in 3M (NYSE:MMM) by 7.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,182 shares of the conglomerate’s stock after selling 1,237 shares during the period. Perpetual Ltd’s holdings in 3M were worth $2,089,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of MMM. FSA Wealth Management LLC bought a new stake in 3M during the 3rd quarter valued at about $27,000. McClarren Financial Advisors Inc. lifted its stake in shares of 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 121 shares during the last quarter. True Wealth Design LLC boosted its holdings in shares of 3M by 2,466.7% in the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after buying an additional 296 shares in the last quarter. ORG Partners LLC boosted its stake in 3M by 44.1% in the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after acquiring an additional 98 shares in the last quarter. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of 3M in the 3rd quarter worth $57,000. 65.25% of the stock is owned by institutional investors.

3M Price Performance

3M stock opened at $146.86 on Wednesday. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The stock has a market capitalization of $79.98 billion, a P/E ratio of 18.54, a P/E/G ratio of 2.30 and a beta of 0.95. 3M has a 1 year low of $75.40 and a 1 year high of $150.00. The company’s fifty day moving average price is $131.40 and its 200 day moving average price is $128.20.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5,770,390 billion. During the same period in the previous year, the firm posted $2.42 EPS. 3M’s revenue was down 25.0% compared to the same quarter last year. As a group, equities research analysts anticipate that 3M will post 7.28 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 1.91%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s dividend payout ratio is currently 35.35%.

Analyst Ratings Changes

Several analysts have weighed in on MMM shares. Wells Fargo & Company boosted their target price on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of 3M in a report on Saturday. JPMorgan Chase & Co. reduced their price target on shares of 3M from $165.00 to $162.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Mizuho upped their price objective on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Finally, UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and raised their target price for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $144.13.

3M Profile

3M Company provides diversified technology services in the United States and internationally. The company’s Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.